Angie Garrison and Cristina Maruffo

Angie Garrison and Cristina Maruffo

By Ashley Bendorovich (Whetstone Staff Writer)

Wesley graduate Cristina Marruffo is paying off her Wesley College debt every month.

Even while working two jobs, one as a para-professional, she said she doesn’t make enough to live on her own and make her monthly payments.

“After I graduated, and after my six month grace period, I owed $20,000,” she said.

That figure is about $15,000 less than the average debt most college students leave school with.

Most freshmen don’t think about the debt they will owe after they graduate. But for many graduating seniors and graduates, loans are a scary reality.

The average debt for college students in 2013 was about $35,000, said Wells Fargo personal banker Sherri Walls.

With a 5 percent interest rate, the monthly payment will be $339 for 15 years.

“The average cost to go to a four-year, in-state college is $17,860 per year,” she said. “That includes tuition and fees, and room and board.”

However, that figure doesn’t include other costs, such as lab fees and books.

Senior Angie Garrison already has calculated what she’ll be owing after she graduated.

“I will owe $40,000 along with the interest that will accumulate over time,” she said.

Garrison said her first two years of college are paid for, but the last two years were paid for by loans.

“It’s just much more added stress on top of finding a decent job to help make the payments and eventually finding my own place to live on my own,” she said.

Senior Cara Baldrige said she had trouble finding someone to co-sign her loans.

“First generation college students, including myself, have trouble finding a co-signer,” she said. “Their families do not know all the details of a student loan and refuse to co-sign or just simply have bad credit.”

Walls said applying for scholarships is one of the best ways to help reduce debt. There are several sites to help students apply for scholarships, including Wells Fargo’s “Tuition Funding Sources (TFS),” the Federal Student Aid website, and a site provided by USA Today that lists the 10 best sites to look for scholarships.